Jul 26, 2019

Vodafone: endowering towers

Nick Read, chief executive and former finance executive of Vodafone, plans to spin off a phone masts business. Phone towers are ugly, particularly when disguised as trees or statues. The challenge for Mr Read is to disentangle towers from all the gubbins under the hood at Vodafone, then bolt the business on again as an auxiliary engine to power up the stock price. Vodafone already has a complex integration of Liberty assets to deal with. Now he must show he can use Vodafone's towers to hoist up the valuation even further.

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